ACTIVE

WithSecure

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Financial year 2025 · closed on 31/12/2025
Net result
15,2 k €
+194.3% YoY
Gross margin
662 k €
+26.8% YoY
Equity
346,2 k €
+4.6% YoY
Workforce
2,6 ETP
-3.7% YoY

What does WithSecure do?

WithSecure is a Private limited company incorporated in 2009. Its registered office is in Leuven. It employs on average 2,6 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0816.909.452
Incorporation
03/07/2009
Legal form
Private limited company
Registered office
Interleuvenlaan 62 box 56
3001 Leuven · FlandreSee on map
Contributed capital
20 000,00 €
Latest accounts
31/12/2025
Average workforce
2,6 ETP
Joint committees (2)
  • 200
  • 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 17 financial years

20252024202320222021202020192018201720162015201420132012201120102009
Income statement
Gross margin662 k €521,9 k €392,2 k €766,1 k €676,4 k €––––––––––––
EBITDA28,4 k €18,3 k €17,1 k €45,9 k €46,1 k €28,6 k €53,3 k €38 k €25,4 k €13,9 k €8,2 k €8 k €-56,5 k €15 k €15,2 k €14,6 k €301 €
Operating result28,4 k €18,3 k €15,1 k €44,9 k €44 k €25,8 k €50,2 k €35,9 k €24,2 k €13,5 k €7,5 k €7,1 k €-57 k €14,9 k €15,2 k €14,6 k €301 €
Net result15,2 k €5,2 k €8,3 k €19,1 k €29,2 k €19,7 k €24,1 k €16,6 k €11,2 k €9,3 k €8 k €7,9 k €168,7 k €683,2 k €825,5 k €744,2 k €365,9 k €
Balance sheet
Equity346,2 k €331,1 k €325,9 k €317,6 k €448,5 k €419,3 k €399,6 k €375,5 k €358,9 k €347,7 k €338,4 k €330,4 k €322,5 k €22,6 M €21,9 M €21,1 M €20,4 M €
Total assets533,6 k €491,7 k €557,4 k €785,6 k €657,4 k €799,8 k €555,3 k €477,9 k €489,4 k €407,5 k €374,7 k €360 k €353,9 k €22,7 M €22 M €21,2 M €20,4 M €
Cash188,7 k €159,4 k €165,6 k €319,7 k €209,6 k €537,3 k €288,7 k €106,4 k €163,8 k €78,1 k €53,9 k €53,2 k €26,1 k €1,2 M €252,4 k €2,1 M €472,3 k €
Debts185,2 k €156,7 k €229,9 k €466,8 k €208 k €364,9 k €148 k €99,6 k €76,2 k €45,7 k €27 k €26,8 k €19,3 k €53,5 k €41,1 k €45 k €3,9 k €
Other
Workforce2,6 ETP2,7 ETP2,0 ETP3,0 ETP4,0 ETP4,6 ETP4,4 ETP3,8 ETP3,0 ETP2,0 ETP1,0 ETP1,0 ETP1,0 ETP2,0 ETP2,0 ETP2,0 ETP–
Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 10 ended

Active mandates

Tiina Karoliina Sarhimaa

Director · since 01 novembre 2020

Active

Ended mandates

Sarhimaa Karolina Tina

Director · since 01 novembre 2020

Ended
Tina Sarhimaa Karolina

Mandate · since 01 novembre 2020

Ended
Ernst et Young Reviseurs d'Entreprises

Mandate · since 05 avril 2018 · until 01 avril 2021 · 0446.334.711

Represented by Jean François Hubin

Ended
Ernst et Young Reviseurs d'Entreprises

Mandate · since 02 avril 2015 · until 05 avril 2018 · 0446.334.711

Represented by François Hubin Jean

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date31/07/202610/07/202506/08/202428/09/202319/08/202231/05/2021
General meeting30/06/202630/06/202531/07/202430/08/202317/08/202220/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

18 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202530/06/202631/07/2026DutchPDF
Abridged model31/12/202430/06/202510/07/2025DutchPDF
Abridged modelCorrection31/12/202331/07/202406/08/2024DutchPDF
Abridged model31/12/202331/07/202402/08/2024DutchPDF
Abridged model31/12/202230/08/202328/09/2023DutchPDF
Abridged model31/12/202117/08/202219/08/2022DutchPDF
Full model31/12/202020/05/202131/05/2021DutchPDF
Full model31/12/201919/05/202015/07/2020DutchPDF
Full model31/12/201804/04/201916/04/2019DutchPDF
Full model31/12/201705/04/201825/05/2018DutchPDF
Full model31/12/201606/04/201725/04/2017DutchPDF
Full model31/12/201507/04/201626/04/2016DutchPDF
Full model31/12/201402/04/201530/04/2015DutchPDF
Full model31/12/201303/04/201414/04/2014DutchPDF
Full model31/12/201204/04/201326/04/2013DutchPDF
Full model31/12/201105/04/201213/04/2012DutchPDF
Full model31/12/201007/04/201118/04/2011DutchPDF
Full model31/12/200930/06/201026/07/2010DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan
Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 10 ended

Active mandates

Tiina Karoliina Sarhimaa

Director · since 01 novembre 2020

Active

Ended mandates

Sarhimaa Karolina Tina

Director · since 01 novembre 2020

Ended
Tina Sarhimaa Karolina

Mandate · since 01 novembre 2020

Ended
Ernst et Young Reviseurs d'Entreprises

Mandate · since 05 avril 2018 · until 01 avril 2021 · 0446.334.711

Represented by Jean François Hubin

Ended
Ernst et Young Reviseurs d'Entreprises

Mandate · since 02 avril 2015 · until 05 avril 2018 · 0446.334.711

Represented by François Hubin Jean

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates05/04/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates24/11/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates25/11/2022
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Other06/07/2022
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - ALGEMENE VERGADERING
    PDF
  • Other23/05/2022
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM - BENAMING
    PDF
  • Mandates03/02/2021
    ONTSLAGEN - BENOEMINGEN - WIJZIGING RECHTSVORM
    PDF
  • Mandates23/04/2019
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates22/04/2016
    ONTSLAGEN - BENOEMINGEN
    PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 2025
    Annual accounts 202515,2 k €↑
  2. 2024
    Annual accounts 20245,2 k €↓
  3. 2023
    Annual accounts 20238,3 k €↓
  4. 2022
    Annual accounts 202219,1 k €↓
  5. 2021
    Annual accounts 202129,2 k €↑
  6. 2021
    Name changeWithSecure BV
  7. 2020
    Annual accounts 202019,7 k €↓
  8. 2019
    Annual accounts 201924,1 k €↑
  9. 2018
    Annual accounts 201816,6 k €↑
  10. 2017
    Annual accounts 201711,2 k €↑
  11. 2016
    Annual accounts 20169,3 k €↑
  12. 2015
    Annual accounts 20158 k €↑
  13. 2014
    Annual accounts 20147,9 k €↓
  14. 2013
    Annual accounts 2013168,7 k €↓
  15. 2012
    Annual accounts 2012683,2 k €↓
  16. 2011
    Annual accounts 2011825,5 k €↑
  17. 2010
    Annual accounts 2010744,2 k €↑
  18. 2009
    Annual accounts 2009365,9 k €
  19. 03/07/2009
    IncorporationPrivate limited company
  20. 2009
    Name changeF-Secure